TaxTMI 
TaxTMI 
Authorisation of Principal Commissioners/Commissioners of Wealth-tax to admit application for revision under section 25 of the Act from assessees seeking refund arising due to exemption of urban land from wealth tax restrospectively w.e.f. 01/04/1993.
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....T OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI, the 11th June, 2015 Order under section 10(2)(b) of the Wealth-tax Act Prior to amendment by Finance Act 2013, sub clause (b) of Explanation 1 to clause (ea) of section 2 of the Wealth-tax Act 1957 (Act) provided that an urban land shall be chargeable to wealth-tax. This inter alia included land situated in any area which is comprised withi....
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....d stands exempt from wealth-tax. This amendment was done with retrospective effect from 1.4.1993. 2. Various representations in this regard have been received in the Central Board of Direct Taxes(the Board) that assessees had paid wealth-tax on such agricultural land as per the provisions of the Act as they existed prior to Finance Act 2013. In view of the amendment brought by the Finance Act 201....
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....m the end of the financial year in which the application is received. However, the Principal Commissioner/Commissioner shall not set-aside any order. While disposing the application, the Principal Commissioner/Commissioner may for deciding the matter call for a report from the assessing officer and seek relevant information from the assessee. In case such order results in refund, the assessee shal....